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Search Results 0 to 9 of about 10 (some duplicates have been removed)
you. jon: we still have debt deadlock on capitol hill with the default deadline just eight days away now. congressional leaders are still struggling to hammer out some kind of a deal, one that would raise the limit on our nation's credit card while cutting trillions of dollars in spending. house speaker john boehner may unveil his own bill today. harry reid said it would be a nonstarter. wendell goler is live on the north lawn with more. >> reporter: speaker boehner's plan would take the spending cuts agreed to before talks with vice joe biden broke down and raise the debt ceiling a little less than that. it would satisfy the speakers bottom line which is cutting spending more than the debt ceiling is raids but we'd have to go through this all over again by the end of the year. the speaker said yesterday it would solve the immediate crisis. >> there is going to be a two-stage process. it's not physically possible to do all of this in one step. having said that, chris, i know the president is worried about his next election, but my god shouldn't we be worried about the country? >> rep
and jon karl have been tracking it. let's start with jake. >> reporter: last night aftete their primetime addresses, house speaker john boehner was overheard saying he didn't sign up to go mano a mano with the president of the united states after the president called for congress to compromise. the president spoke sternly to the american people last night blaming house republicans, especially freshmen, for holding up a debt deal. >> the only reason this balanced approach isn't on its way to becoming law right now is because a significant number of republicans in congress are insisting on a different approach. >> reporter: house speaker john boehner responded by saying that the president wants to continue his rampant spending. >> the president often said we need a balanced approach, which in washington means, we spend morerend you pay more. >> reporter: right now there a a two competing bills, to raise the debt ceiling and reduce the deficit. a house one that likely cannot pass the senate and a a nate one that cannot likely pass the house. both raise the debt ceiling, cut more than $1 tril
for joining us everybody. jon: "america live" starts right now. martha: we start things off this afternoon with this fox news alert on the dueling debt plans that are now emerging on capitol hill at this hour. we've got eight days to go until the united states hits this default deadline. republicans and democrats today, now introducing some new plans that they say they believe will save america from financial catastrophe. welcome on this busy day to live hraoeufrbgs everybody live, everybody, i'm martha maccallum in for megyn kelly. what has unfolded so far in the most dramatic 72 hours of this crisis yet. you have last friday at 6:00pm house speaker john boehner said he ended negotiations with president obama on the grand bargain. on the same evening president obama accused boehner from watching away from a deficit deal they arrived at, ordering leaders from both the house and senate to come become on saturday morning to the house for negotiations. then you got to saturday. boehner then announced that he wanted to raise the debt ceiling eye 2:00pm on sunday. we know that never happened. l
markets. let's get a reality check from abc's countdown team. jake tapper at the white house. jon karl on capitol hill. bianna golodryga from the new york stock exchange. looking at the asian and european markets overnight, there seems to be concern but not panic yet, bianna. >> reporter: that's right. wall street seems to be patient with washington. markets opening blower. just about 130 points lower. not the knee jerk reaction that people were fearful of. things are still at an impasse. even though the markets aren't selling off, people are concerned about what's still on the table a credit downgrade. the s&p says the u.s. could lose its aaa ratings in the next three months. that would mean that interest rates go higher. it would be more difficult for people to get a loan out there. and it could be a big burden for this economy, as we're just starting to recover. george? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. that has not happened. it seems, the only thing that everyone seems to be accepting th
? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. the only thing that everyone seems to be accepting that any deal won't include any new tax increase. >> that's the big deal. you have harry reid coming up with a plan for democrats. that he says includes $2.7 trillion in spending cuts over the next ten years and gives the president the debt ceiling increase that takes him all of the way to 2013. republicans are already saying that those -- his plan includes gimmicks and phantom cuts. so the republicans are coming up with their plan, which would include about $1 trillion in cuts now. it would require the president to come back to congress next year to ask for another debt ceiling increase. >> that's the huge sticking point for the white house. the president has made it clear time and time again that he won't sign a short-term increase. he squashed it at the meeting last night. >> republicans leaders have said that as well. they didn't want any short-term solution to this problem. they changed their tune on this. white house said
Search Results 0 to 9 of about 10 (some duplicates have been removed)